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BURKHART v. GENWORTH FINANCIAL, INC.

C.A. No. 2018-0691-JRS.

275 A.3d 1259 (2022)

Richard F. BURKHART, William E. Kelly, Richard S. Lavery, Thomas R. Pratt, and Gerald Green, individually and on behalf of all other persons similarly situated, Plaintiffs, v. GENWORTH FINANCIAL, INC., Genworth Holdings, Inc., Genworth North America Corporation, Genworth Financial International Holdings, LLC and Genworth Life Insurance Company, Defendants.

Court of Chancery of Delaware.

Date Decided: May 10, 2022.

Attorney(s) appearing for the Case

Peter B. Andrews, Esquire , Craig J. Springer, Esquire and David M. Sborz, Esquire of Andrews & Springer LLC, Wilmington, Delaware and Edward F. Haber, Esquire , Michelle H. Blauner, Esquire , Thomas V. Urmy, Jr., Esquire and Patrick J. Vallely, Esquire of Shapiro Haber & Urmy LLP, Boston, Massachusetts, Attorneys for Plaintiffs.

Daniel A. Dreisbach, Esquire , Srinivas Raju, Esquire and Angela Lam, Esquire of Richards, Layton & Finger, P.A., Wilmington, Delaware and Reid L. Ashinoff, Esquire , Kenneth J. Pfaehler, Esquire and Carter White, Esquire of Dentons US LLP, New York, New York, Attorneys for Defendants.

OPINION

Defendant, Genworth Life Insurance Company ("GLIC"), among other insurance products, writes a line of long-term care ("LTC") insurance policies that provide coverage for the notoriously costly burden of funding LTC expenses. Plaintiffs, a putative class of GLIC LTC policyholders and GLIC insurance agents...

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